Autumn Budget 24: Labour raises lower and higher rates of capital gains tax with immediate effect

CGT on residential property unchanged

Chancellor Rachel Reeves has raised the lower rate of capital gains tax (CGT) from 10% to 18%, and the higher rate of CGT from 20% to 24%, effective as of today (30 October)

In her Autumn Budget today (30 October), Reeves said that CGT on residential property will remain unchanged at 18% and 24%. In addition, Reeves said she will increase CGT rates on carried interest to 32% from April 2025, up from 28% as it currently stands. The hike in CGT rates comes on top of the slashing of tax-free allowance over the past years from £12,300 a year in 2022/3 to only £3,000 this year. However, the hike in CGT rates introduced today is lower than earlier reports this month from The Guardian, suggesting Treasury officials were taking into consideration a rise in CGT...